Just because you get a shiny new hammer doesn’t mean everything in your house is suddenly a nail.
Yet that is the impression we get from the breathless pronunciations regarding the new proxy access rules, even as the SEC put them on hold while a court considers a legal challenge to the requirement. Seemingly every law firm with a corporate practice—and quite a few without one—has sent out its analysis. Proxy solicitors declare: “the Rubicon has been crossed.” One law professor is so concerned about proxy access that he has circulated a list of counter-productive ways to “defend” against it, ...